Trinity Legacy Partners LLC Acquires New Stake in Devon Energy Co. (NYSE:DVN)

Trinity Legacy Partners LLC purchased a new position in Devon Energy Co. (NYSE:DVNGet Rating) during the first quarter, HoldingsChannel reports. The institutional investor purchased 4,219 shares of the energy company’s stock, valued at approximately $249,000.

Other large investors have also modified their holdings of the company. Foundation Resource Management Inc. raised its holdings in shares of Devon Energy by 2.6% in the 1st quarter. Foundation Resource Management Inc. now owns 69,158 shares of the energy company’s stock worth $4,089,000 after purchasing an additional 1,767 shares during the period. Oppenheimer & Co. Inc. raised its holdings in shares of Devon Energy by 58.2% in the 4th quarter. Oppenheimer & Co. Inc. now owns 74,961 shares of the energy company’s stock worth $3,302,000 after purchasing an additional 27,575 shares during the period. People s United Financial Inc. raised its holdings in shares of Devon Energy by 21.5% during the 4th quarter. People s United Financial Inc. now owns 24,952 shares of the energy company’s stock valued at $1,099,000 after buying an additional 4,412 shares during the period. Sowell Financial Services LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $855,000. Finally, Teamwork Financial Advisors LLC raised its holdings in shares of Devon Energy by 108.6% during the 4th quarter. Teamwork Financial Advisors LLC now owns 276,817 shares of the energy company’s stock valued at $12,194,000 after buying an additional 144,105 shares during the period. 87.01% of the stock is currently owned by hedge funds and other institutional investors.

In other Devon Energy news, Director Ann G. Fox sold 2,150 shares of the company’s stock in a transaction that occurred on Monday, June 13th. The stock was sold at an average price of $70.27, for a total value of $151,080.50. Following the completion of the transaction, the director now owns 26,858 shares of the company’s stock, valued at approximately $1,887,311.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Dennis C. Cameron sold 4,143 shares of the company’s stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $61.45, for a total value of $254,587.35. Following the completion of the transaction, the executive vice president now directly owns 284,806 shares of the company’s stock, valued at approximately $17,501,328.70. The disclosure for this sale can be found here. Insiders have sold a total of 64,922 shares of company stock valued at $4,269,519 in the last three months. 0.80% of the stock is owned by insiders.

Several equities research analysts recently commented on DVN shares. Johnson Rice downgraded Devon Energy from a “buy” rating to an “accumulate” rating in a report on Tuesday, May 24th. Wells Fargo & Company raised their target price on Devon Energy from $53.00 to $73.00 and gave the company an “overweight” rating in a report on Monday, March 14th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Friday, May 13th. Susquehanna Bancshares lifted their price objective on Devon Energy from $62.00 to $73.00 in a report on Monday, April 25th. Finally, Stifel Nicolaus lifted their price objective on Devon Energy from $88.00 to $93.00 in a report on Thursday, June 9th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $74.94.

DVN opened at $57.55 on Thursday. The company has a market cap of $37.98 billion, a PE ratio of 10.80 and a beta of 2.59. The stock has a 50-day moving average of $67.24 and a 200-day moving average of $57.46. Devon Energy Co. has a 52-week low of $24.05 and a 52-week high of $79.40. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.32 and a current ratio of 1.32.

Devon Energy (NYSE:DVNGet Rating) last posted its quarterly earnings data on Monday, May 2nd. The energy company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the previous year, the firm earned $0.45 EPS. On average, research analysts predict that Devon Energy Co. will post 9.1 earnings per share for the current year.

Devon Energy declared that its board has approved a stock repurchase plan on Monday, May 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the energy company to buy up to 4.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Monday, June 13th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 8.83%. The ex-dividend date of this dividend is Friday, June 10th. This is a boost from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s payout ratio is currently 95.31%.

Devon Energy Company Profile (Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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